1 Mobilizing Finance for Private Sector Clean Energy Innovation in LAC GREGORY WATSON Head, Strategic Planning and Partnerships Team Leader, Environment and Clean Energy Tufts University March 8 th, 2014 Medford
2 RELATION WITH THE IDB GROUP The main source of development finance for Governments in Latin America and the Caribbean (LAC) The main source of x technical assistance for micro-tomedium enterprises, MFIs and NGOs in LAC Private sector window of the IDB Group, provides financing for the development of medium-sized private enterprises in LAC 2.
3 THE MULTILATERAL INVESTMENT FUND The largest provider of technical assistance to the private sector in LAC An innovation laboratory, testing and scaling new business models Flexible with tools including technical assistance (grants), loans, and equity investments. Loans 10% Equity 19% Grants 70% Committed to rigorously measuring and evaluating results and impact, and to disseminating knowledge. Leverage. In 2012, every 1$ of MIF investment was matched with 3$ from partners 3.
5 ENGAGING THE PRIVATE SECTOR The MIF plays a key role in facilitating access to green finance in LAC From international climate investment funds: FIP, SREP, CTF Providing TA and loans to green anchor companies supply chain Developing green (micro)finance for MSMEs and low-income households Creating green technology funds that provide equity to green MSMEs Works in: Clean and Efficient Energy, Adaptation, Leveraging Natural Capital 5.
6 COMPETITIVENESS: GREENING SME VALUE CHAINS Greening the supply chains of FEMSA and Walmart in Mexico Context Global emissions: SMEs account for 60% Anchor firm emissions: supply chain accounts for up to 86% Investor and shareholder pressure, CSR, cost/competitiveness, and government compliance are key motives for greening supply chains Customers in Latin America and the Caribbean increasingly want green products: 63% would pay 10% premium 6.
7 COMPETITIVENESS: GREENING SME VALUE CHAINS 1: FUNDER $ 2: EXECUTING AGENCY 5: FINANCIAL INSTITUTION $ 3: ANCHOR FIRMS 4: SMEs GREEN TECH PROVIDERS 1. FUNDER: funds platform for training efficiency experts. 2. EXECUTING AGENCY: develops online tools; provides SME training; hires energy use auditors. 3. ANCHOR FIRMS: encourages SMEs in their value chains to participate in training. 4. SMEs: receive training; identify energy savings to obtain credit. 5. FINANCIAL INSTITUTION: analyzes cases; provides SME credit. MAIN EXPECTED RESULTS 3,000 MSMEs implement sustainable practices Reduced energy, water use Reduced CO2 emissions FINANCING MIF $2.3 M Others $2.2 M 7.
8 ECOMICRO: GREEN FINANCE FOR ALL The Program is a US$ 7 M TA co-financed by MIF and NDF Demand-driven projects to reach sustainable business models: 12 projects selected in a 3 round competitive process Merging Adaptation/Mitigation concepts in practice: Three module approach: (i) greening the institution, (ii) analysis of MFI portfolio risks to climate change, (iii) developing green finance products Green finance includes: clean energy, energy efficiency or adaptation
9 ECOMICRO: GREEN FINANCE FOR ALL First Round Results 54 applications from 15 different countries Highest interest: Mexico and Peru Selected entities : Te Creemos (Mexico) Caja Arequipa (Peru) Diaconia(Bolivia) FDL (Nicaragua) Second Round Results 64 applications from 17 different countries Highest interest: Colombia and Peru, increased participation of Caribbean Selected entities : Bancamia (Colombia) El Comercio (Paraguay) Apoyo Integral (El Salvador) Surfuturo (Republica Dominicana) 9
10 ECOMICRO: GREEN FINANCE FOR ALL Interest per category of green finance product Interest inrenewable energy finance products: 30% in individual credits 50% in productive credits 20% in both Interest in energy efficiency finance products: 70% in productive credits 15% inindividual credits 15% in both Interest in adaptation 12% of eligible participants in 2012 were interested in adaptation, in 2013 this number increased to 28% Interest in adaptation per country Dominican Republic, Colombia and Bolivia presented almost the majority of eligible applications with interest in adaptation Interest in adaptation per type of institution Interest in adaptation products: 50% in loans to support clients adjustments to new climate condition 42% in microinsurance for crops 8% in both 10
11 ENGAGING THE PRIVATE SECTOR 11.
12 CLEAN ENERGY: LUZ EN CASA In isolated areas, micro-grids and individual systems are more cost effective than traditional grids In Cajamarca, Peru, 22% of people are below the poverty line, and there is little access to electricity. Acciona Microenergy created a PPP program that creates community photovoltaic electrification committees, trains locals to be technicians, and implements a cross-subsidy where families pay according to their income, and the government subsidizes the remainder of the cost of the system. Uses a pay-for-service model where families pay a lease that covers system, consumption, maintenance, depreciation. Pilot reaches 3,000 families, which is the level at which this social enterprise becomes sustainable
13 CLEAN ENERGY: QUETSOL 18% of Guatemalan population outside of range of grid. 2.5M without access to lighting or electricity. Consumers cannot access credit to purchase clean technology solutions. Quetsol installs solar systems and charges only for the electricity used, allowing customers to buy electricity in hourly, daily, or weekly increments. Quetsol s clients currently spend more than US$15.75 a month on candles and phone charging. Quetsol charges US$11.43 for a monthly PAYG code, a savings of 27.4%. Pilot reaches 1,500 families, which is the level at which this social enterprise becomes sustainable
14 CLEAN ENERGY: SOGEXPRESS AND ARC FINANCE 10% of Haitians do not have access to energy. 35% of Haitians receive remittances, use funds for kerosene, candles. Arc Finance and SogExpress teamed to substitute purchases of solar lanterns and home systems for kerosene. Use distribution network of remittance company to overcome logistical challenges. Diaspora can purchase product to send, or local family can purchase. 10,708 systems sold at market rate as of 12/31/13, benefitting 53,540 people. 99% customer satisfaction. US$220,390 energy cost savings in first year, $759,000 projected by April tons CO2 reduced in year 1, 1,221 tons projected by April Significant productive, safety, education benefits. _JohMQ1U8 14.
16 WHAT IS CLIMATESCOPE? Climatescope: Report, Index and Interactive Online Tool providing comprehensive information for low-carbon clean energy stakeholders across respective value chains Developed by Multilateral Investment Fund (MIF) and Bloomberg New Energy Finance Second edition: top 5 countries in 2012 in LAC: Brazil, Chile, Nicaragua, Peru, Mexico 16.
17 WHAT DOES CLIMATESCOPE MEASURE?
19 CLIMATESCOPE 2013: RANKING AND SCORES 19.
20 LATIN AMERICA AND CARIBBEAN TOTAL RENEWABLE CAPACITY ADDITIONS, (GW) Source: Climatescope 2013 In 2007, LAC added 1.5GW of renewable capacity. Since then, 19 countries in the region have introduced government-sponsored reverse auctions, tax incentives, renewable energy targets, feed-in tariffs and other policies. These have led to a 296% compound annual growth rate for installed renewable capacity, which jumped from 11.3GW in 2006 to 26.6GW in
21 CLIMATESCOPE 2013: RANKING AND SCORES, INVESTMENT & CREDIT LAC: -3.8%, Global: -11% (First significant drop BNEF has recorded since it began tracking figures in 2004) Uncertain subsidy environment in key markets, e.g. US, India, Spain, Italy Falling unit costs for solar, wind equipment Green Microcredit: 63 MFIs in LAC have disbursed close to $400 M in green microloans (Peru, Chile, leaders) 21.
22 LATIN AMERICA AND CARIBBEAN TOTAL INVESTMENT BY COUNTRY, ($BN) Investment in non-br LAC: +45%: More policy incentives & declining system costs for solar and wind Investment rose in 20 countries, top performers in 2012: ME (+450%), DR (+431%), UR (+327%), PE (+325%), CH (+314%) BR alone -36%, due to slowing economy & long disbursement cycles tied to BNDES Note: Caribbean includes Bahamas, Barbados, Dominican Republic, Guyana, Haiti, Jamaica, Suriname and Trinidad and Tobago. Other Central America includes Belize, Costa Rica, El Salvador, Guatemala and Honduras. Other South America includes Argentina, Bolivia, Colombia, Ecuador, Paraguay, Uruguay and Venezuela Source: Climatescope
23 LATIN AMERICA AND CARIBBEAN TOTAL INVESTMENT BY SECTOR, ($BN) Wind and solar now over 50% and 7%, respectively, of total LAC investment Biofuel market share now smaller than solar: Shrinking Brazilian ethanol industry (ethanol became economically uncompetitive with gasoline) Concerns in global demand markets over sustainability of second generation biofuels Source: Climatescope
24 CLIMATESCOPE 2013: RANKING AND SCORES, VALUE CHAINS Value Chains: A total of 35 out of 40 value chain segments from six renewable sectors are fulfilled in LAC Biofuels, biomass & waste, small hydro sectors all have complete value chains in at least one country Larger economies (Brazil, Argentina, Chile, Mexico) leaders in this area 24.
25 CLIMATESCOPE 2013: RANKING AND SCORES, GHG MANAGEMENT Project registrations: 927 GHG projects registered under four protocols in LAC 790 CDM projects More than 50% focused on generation 25.
26 CLIMATESCOPE 2014 GOES GLOBAL Latin America Africa Asia Together with UK s DFID and USAID, the MIF and BNEF will expand the Climatescope 2014 to Africa and Asia The global index will cover, in addition to the 26 countries in LAC, 29 more countries, thereby expanding the coverage of Climatescope 2014 to a total of 55 countries Argentina Botswana Bangladesh Bahamas Cameroon China Barbados Cote d'ivoire 15 Chinese provinces Belize Democratic Republic of India Congo Bolivia Ethiopia 10 Indian provinces Brazil Ghana Indonesia Chile Kenya Nepal Colombia Liberia Pakistan Costa Rica Malawi Sri Lanka Dominican Republic Mozambique Tajikistan Ecuador Nigeria Vietnam El Salvador Rwanda Guatemala Sierra Leone Guyana South Sudan Haiti South Africa Honduras Tanzania Jamaica Uganda Mexico Zambia Nicaragua Zimbabwe Panama Senegal Paraguay Peru Suriname Trinidad and Tobago Uruguay Venezuela 26.
27 THANK YOU! ACCESS TO BASIC SERVICES & GREEN GROWTH
CLIMATESCOPE 2 3 4 What is Climatescope? An initiative to provide timely, accurate, and actionable data that informs smart investment, corporate, and policy decision making. Ultimate goal: mobilize capital
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